There have been sceptics that the Indian realty sector is not a place for honest investors because of the overwhelming presence of black money. Such a perception, which was often true, made this sector a dumping ground for unholy cash.
But things have changed following several regulations that have come especially after demonetisation. The intention of the government was to bring transparency and confidence to buyers.
Today over 32,500 realty projects and 25,000 agents across the country have come under RERA Act since its implementation in 2016.
Union Housing Minister Hardeep Singh Puri said the very fact that real estate agents needed registration with competent authorities has eliminated a lot of undesirable elements.
The Union government passed the Real Estate Regulation and Development Act (RERA) in May 2016 with an aim to establish an authority to regulate the real estate sector and ensure efficient and transparent transactions.
RERA also seeks to address vital issues of fair transactions, timely delivery and quality construction.
Of the 27 states and union territories which had notified RERA, 20 had set up Real Estate Appellate Tribunals, he said.
“RERA, along with other policy initiatives like granting industry status to affordable housing, extending concessional tax rate on interest for qualifying foreign debt will make India more investment friendly,” he said.